Case Studies

A dies in Greece without leaving a will. His closest relatives are his wife B who also lives in Greece and his son C who lives abroad. The only property A had is a house with objective value 160.000 euros. So, B inherits ¼ and C takes ¾ of this house. Within 6 months after A’s death, B must submit the tax declaration. She will pay no taxes because the value of the inherited property is 40.000 euros (1/4). C must submit the tax declaration within one year after A’s death, since C lives abroad. He will also pay no taxes because the value of the inherited property is 120.000 euros (3/4).

A dies in the U.S.A. without leaving a will. He didn’t have family. His closest relatives are his brother B and his sister C who live in Greece. The only property he had is a house with objective value 60.000 euros and a field with objective value 10.000 euros. B and C inherit 50% of each of the above and within one year from A’s death (since he lived abroad) they must submit the tax declaration. The total value of the inherited property for each one of them is 35.000 euros. So, for the first 30.000 euros they will pay no tax because this amount is exempt from tax. And for the amount of 5.000 euros they will be taxed at 5%.

A dies in Greece without leaving a will. His closest relatives are his children B and C who live in Greece and have no family. The inherited property consists of a house with objective value 60.000 euros. So, B and C inherit 50% each one of this house. But A had loans with total amount remaining 90.000 euros. He also owed the Public Financial Services of Greece the amount of 6.000 euros. Since the debts are bigger than the value of the inherited property, B and C are advised to renounce the inheritance within one year after A’s death, at the Magistrates Court responsible for the area where A lived when he was alive.

In 2000 a father gives his house to his son. The objective value of the house is calculated 100.000 euros. They paid no taxes for that parental benefit. In 2017 the father wants to give his son a field. The objective value of the field is 15.000 euros. They will pay no taxes because the total amount of the given immovable property is 115.000 euros (100.000 + 15.000), so the scale factor is 0.

An uncle wants to give his nephew a house which objective value is 50.000 euros. The nephew belongs to the second tax category. For the 30.000 euros, there will be no tax imposed and for the nest 20.000 euros, there will be granted tax of 5%. That results to the amount of 1,000 euros.